Daily Management Review

What will happen to bitcoin in 2017


2016 turned out to be particularly successful for Bitcoin - the cryptocurrency has even been named the best asset. However, the beginning of 2017 looks like a roller coaster: first, there was an increase of 20%, then a sharp drop of 35%, and bounce back. What will happen to Bitcoins in next 11 months? Will it reach new records or collapse?

Future growth

1. One of the factors that will contribute to growth cryptocurrency is increasingly shaky position of the government bonds. Recent demonetization in India and Venezuela made citizens of these countries, doubt in their bills. Against this background, Bitcoin, which is independent from any government, looks particularly attractive.

2. Traditional banks can fully introduce cryptocurrency. Recently, former head of Barclays Anthony Jenkins joined Blockchain’s board of directors.

3. Usually Bitcoin shows growth during macroeconomic and political uncertainty. Now this is especially true given that the US is headed by unpredictable Trump.

4. Any spikes in the stock market make investors nervously look for alternative assets. This also drives up Bitcoin’s price. Cryptocurrency becomes a new hedging tool.

5. According to forecasts, by the end of the year about 20 thousand companies in Japan will accept Bitcoin as payment. This is also a good sign.

Future drop

The only factor that could send Bitcoins’s down is cost of is government intervention. It is unlikely that cryptocurrency be outlawed throughout the world. Rather, authorities would grant it with a status of currency and impose certain rules to regulate the operations. However, attempts to control the Internet have been undertaken by different countries for a long time, but to no avail. So there is no reason to believe that Bitcoin is in great danger.

So what about its price? Currently, the cryptocurrency trading at $ 970 level. However, many believe that in 2017 it will exceed $ 1,500 - well above the previous high of $ 1,150 reached in 2013. Some forecasts are even more optimistic: according to some analysts, Bitcoin can rise to $ 3,000. 

source: newsbtc.com

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